What’s a View Worth?
While previewing yesterday, I toured a home that is listed for $5.8 million. It’s a really nice house – it better be for that price – with a seriously outrageous view (see photo of actual view). But it got me thinking: How much would this house be listed for without that view?
Being the junior sleuth I am, I did a little probing and found four similar homes that sold in the past year that did NOT have an ocean view. To be fair, all of them claimed to have some type of view, but nothing close to the property I previewed. Here’s the bottom line – these homes sold for an average price of $3,818,000 – $2 million LESS than the home with the view. Also, we all know the seller can ask whatever price they want for a property, but that does not necessarily mean that’s the price they will get. But $2 million! So, now I have the answer: The view is worth whatever someone is willing to pay…
By the way, there are some really nice houses in Arch Beach Heights with similar views that you can buy for less than $2 million.